Demote manufacturing Company Ltd. was adjudged bankrupt on a petition of its creditors, and the trustee in bankruptcy realized the following amounts from the sale of its business assets: (9 marks) Cash in Bank $14,000 Accounts Receivable 42,000 Inventories 20,000 Land & Buildings 72,000 The liabilities of the business were as follows at the time of the receiving order: (Assume all secured creditors had taken the necessary steps to protect their security.) Rent owed to landlord (5 months @ $3,000 per month) $15,000 Trade accounts payable 63,000 Municipal taxes payable (1.5 years) 4,000 Wages payable (2 months @ $2,500 per month - three employees) 15,000 Bank loan secured under section 427 (inventories secured) 35,000 First mortgage on land & buildings 50,000 Second mortgage on land & buildings 30,000 The expenses of liquidation were $7,000. The trustee's fee was $5,000. 1. Show the order in which the trustee in bankruptcy made payments to the various types of creditors. Assume that all secured creditors had taken the necessary steps to protect their security. Activ Go to 2. Determine how many cents on the dollar the general creditors should receive